Bitcoin Price Evolution Analysis 10.29.2021

by CSM TRADER                                                                                                                

 Nº  457

BTC price U$ 60.970.  

USD/BRL price R$ 6.64.

Price EUR/BRL R$ 6.58.

Price Gold 1g R$ 324.94.

Good morning to all readers.

El Salvador has once again deepened its stake in Bitcoin with another purchase. The sovereign nation made history as the first to officially implement Bitcoin as a legal tender in September. To mark the historic moment, President Nayib Bukele announced that the country purchased 200 Bitcoin. A promise to purchase followed the purchase and the country kept that promise.

The country bought an additional 250 bitcoins after that. The third buy-in in September brought El Salvador's total holdings to 700 bitcoins. At each of these stages, President Nayib Bukele referred to the purchases as 'buying the dip'. This proved to be the case, as the country of El Salvador is currently profiting from its BTC holdings.

The Bitcoin price is still in a downtrend just below the 100 EMA (H1).

The Bitcoin price in the past sessions after the big clean up that was done arriving in the price area of $57,550 and going to test in the price area of $62,641, came back with its consolidations and positive developments between the price areas of $60,400 and $61,666.

Now at the time of writing the Bitcoin price is tracking in the U$60,942 price area.

The Bitcoin price needs to continue its consolidations and positive developments above the $60,160 price area and above the Ichimoku Cloud Base Line (red line) where a test could still emerge.

It will be necessary for the Bitcoin price to continue its positive developments back above the EMA 100 (H1) and to be able to continue positive developments above the price areas of $61,500 and $61,780 to enter the $62,000 price area.

If the price of Bitcoin fails in the short-term with continued positive developments above $61,340 and $61,500, the negative corrections will come back with force below the $60,500 and $60,000 price areas, and could even extend below $59,780 and $59,220, where tests in the $58,500 price area could arise.

Only with continued positive advances and stability above $61,500, for the Bitcoin price to avoid negative corrections below $60,000.

A close of the Journal above the $60,500 price area was made.

For today a close of the Journal above the U$61,260 price area would be important.

Buyers remain in control of the situation, but continue to have great difficulty in moving Bitcoin above the $61,220 and $61,420 price areas.

It will be of utmost importance that buyers manage to keep the Bitcoin price above the $60,220 price area for the next few sessions.

If buyers fail to hold the price of Bitcoin above the $60,220 and $60,000 price areas, sellers will take control of the situation where they will create the downside below the $59,666 and $59,320 price areas and still be able to pursue this downside below $59,000.

Only above $62,000 for buyers to be free of further downside created by sellers below $59,500.

Major areas of Resistance - $61,220 $61,500 and $62,000

Major Support areas - $60,500, $60,080 and $59,666.

H4 chart :

The price of Bitcoin follows above the EMAs, but remains below the Ichimoku Cloud.

The price of Bitcoin needs to stay above the EM 100 in order to avoid entering sharp downward corrections below $60,000.

It would be of utmost importance that the Bitcoin price advances above the Ichimoku Cloud through the hole above the candle and exits above it.

There seems to be no possibility of this feat, the Bitcoin price needs to continue its consolidations and positive developments above the $60,120 price area for the next few sessions.

If the Bitcoin price follows the Ichimoku Cloud below, the negative corrections will go below $60,000 for the next few sessions.

Follow the buyers in their attempts to keep the Bitcoin price above the $60,500 price area.

The chart on H4 will follow all week to have a parameter of Bitcoin Price Evolution. Only a few adjustments will be made.

Resistances: U$ 61.478 // U$ 62.136 // U$ 62.975 // U$ 63.647.

Supports: U$ 60,729 // U$ 60,058 // U$ 59,361 // U$ 58,613.

https://www.tradingview.com/x/CtOlO54d/

H1 chart :

Bitcoin price follows above the 50, 100 and 20 EMA and above the Ichimoku Cloud, however it remains pressured between the 5 and 200 EMA.

It will be of utmost importance that the Bitcoin price manages to continue above the 200 EMA (pink line) so that it does not enter trial exhaustion and fall back below the $60,500 price areas.

If the Bitcoin price manages to stay above the EMA 200 for the next few sessions, positive developments will go to test breakouts in the price areas of $60,500 and $62,000.

It follows the buyers in the fight with the sellers to try to break through the EMA 200.

Resistances: U$ 61.126 // U$ 61.347 // U$ 61.603 // U$ 61.872.

Supports: U$ 60.892 // U$ 60.675 // U$ 60.410 // U$ 60.172.

https://www.tradingview.com/x/GBJDiznt/

Dominance 45.82

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Nº 457